Kazakhstan’s State Revenue Committee recently issued a release on income tax and VAT benefits for the manufacturing industry. As previously reported, the benefits were introduced by changes in the Tax Code via Law No. 52-VII of 24 June 2021 and include:
- An additional VAT offset (70%) is for new manufacturing companies engaged in the sale of goods resulting from production activities in the manufacturing industry from 1 July 2021, excluding producers of alcoholic beverages and tobacco products and taxpayers in the metallurgical industry.
The State Revenue Committee has also issued a release announcing new tax benefits for exporters of raw materials. This includes plans to facilitate the refund of excess value added tax to exporters of raw materials, which will be available for exporters that convert at least 50% of foreign exchange earnings from the export of raw materials into national currency (Kazakhstan tenge – KZT). With the benefit, up to 80% of excess VAT may be refunded within 15 working days without a tax audit. For this purpose, a list of exporters meeting the 50% foreign exchange condition is being developed.
Source Orbitax
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